Questions? Call us at (800) 736-8485
Questions? Call us at (800) 736-8485
Estimate how additional monthly principal payments could change your mortgage's repayment time and interest costs.
Paying additional principal can shorten a mortgage and reduce the interest paid over time. Regular extra payments, a lump sum or a biweekly arrangement are options discussed in our mortgage prepayment guide.
Money used for prepayment is also money that could go toward other debts, retirement contributions or other financial goals. Consider those tradeoffs before deciding how much extra to put toward the mortgage.
You could add extra money to a regular monthly payment or use a bonus or tax refund for a lump sum. Check the rules of your loan before choosing a payment approach.
Ask about any prepayment penalty and confirm that additional payments will be applied to mortgage principal.
Our refinance options and refinance questions cover a separate way to review your loan's rate, term and costs.
Compare a calculator estimate with a real review of your mortgage before treating it as a final answer.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.